A major Formula One supplier based in Swindon has been rescued from administration. Retrac Group's business and asset have been sold to Coventry's Evtec Fab - part of a wider group of companies focused on the manufacture of aluminium castings and assemblies for the automotive sector, with sites across the Midlands.
The deal has saved the jobs of Retrac's 110 staff in Wiltshire and secured its Swindon site, which will continue to operate.
The sale of the employee-owned business comes just days after the firm appointed Mike Denny and Mark Firmin of professional services firm Alvarez & Marsal Europe as joint administrators.
Retrac Group is a manufacturer of carbon fibre products, chassis and complex components for brands in the automotive, aerospace and motorsport sectors that was founded in 1972 by John Carter.
Mr Denny, managing director of Alvarez & Marsal, said: 鈥淐onsistently high levels of inflation have presented the manufacturing sector with challenging operating conditions.
"Through the sale of Retrac Group to Evtec Fab, we are very pleased to have safeguarded the jobs of 110 talented employees and cemented future growth for this trusted supplier to some of the largest brands in the automotive, aerospace and motorsport sectors. We wish the company and its new owners every success for the future.鈥
In 2021, Retrac was bought out by its employees in an eight-figure deal from the Carter family. McLaren motorsport director Dan Warmsley took over as chief executive, while co-owner and Retrac Productions managing director Andy Carter became the company's chair.
